Cousins Properties & Town Lane Acquire Office Building In Midtown Atlanta For $83M
1170 Peachtree Street Northeast
$83,000,000
$157/SF
Building Size
526,000 SF
Asset Type
Office
Closing
Aug 2, 2024
About this deal
AI
A joint venture between Cousins Properties and Town Lane acquired Proscenium, an office building located at 1170 Peachtree Street Northeast in Atlanta, GA. The property spans 526,000 square feet and was sold for $83 million, which equates to a price per square foot of $158.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $83,000,000
- Sale Date: 08/02/2024
- Buyer: Cousins Properties & Town Lane
- Seller: Manulife Investment Management
- Broker Representatives: Justin Parsonnet & William Yowell - CBRE
Town Lane holds an 80% ownership stake in the joint venture, with Cousins Properties owning the remaining 20%. Cousins will manage the property, which is set to undergo significant upgrades in the near future.
On the Map
$83,000,000
$157/SF
Office
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Players
Atlanta Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93